YSB Inc (9885) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 5.5% YoY to RMB17.90bn; profit attributable to owners was RMB30.0m, versus a RMB3.19bn loss in 2023, which included a large fair-value loss on convertible preferred shares.

• Adjusted net profit increased 20.1% YoY to RMB156.7m; cumulative registered buyers exceeded 827,000, with monthly active and paying buyers up 18.0% and 17.2%, respectively.

Financial highlights

• Revenue was RMB17,903.6m, up 5.5% YoY; gross profit rose 4.2% to RMB1,813.5m.

• IFRS profit for the year was RMB15.1m versus a loss of RMB3,206.5m in 2023; profit attributable to owners was RMB30.0m versus a loss of RMB3,189.2m.

• Adjusted net profit, excluding specified fair-value changes, share-based payment, listing and acquisition expenses, rose 20.1% to RMB156.7m from RMB130.5m.

• Basic and diluted EPS was RMB0.05 versus a loss per share of RMB8.26 in 2023; proposed final dividend was RMB0.075 per share, subject to shareholder approval.

Outlook and guidance

• FY2025 priorities include strengthening the marketplace and self-operation businesses, expanding quality product ranges and logistics capabilities, and applying AI across the pharmaceutical value chain.

• Plans include expanding exclusive and own-brand products, developing local self-operation and half-day delivery, and deepening upstream partnerships.

• Longer-term strategy includes further AI-enabled SaaS and primary-care solutions, alongside industry-chain investment and M&A.